U.S. house prices fell 1.6% in the third quarter, according to the Federal Housing Finance Agency's (FHFA) seasonally adjusted purchase-only house-price index (HPI), which is calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages. Seasonally adjusted prices fell 3.2% from the third quarter of 2009 to the third quarter of 2010.
The FHFA's seasonally adjusted monthly index for September was down 0.7% from its August value. The conservator also downwardly revised the monthly increase reported for the July-to-August period, dropping it from the initial estimate of a 0.4% increase to 0.0% (flat prices).
While the national, purchase-only house-price index fell 3.2% year-over-year, the prices of other goods and services rose 2% from the third quarter of 2009. Accordingly, the inflation-adjusted price of homes fell approximately 5.1% over the last year, the FHFA reports.
The FHFA's all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, rose over the last quarter. The index increased 1.1%, although it is down 1.2% over the four-quarter period.
Of the nine census deivisions, the New England division and the Mountain division
experienced the most significant price movements over the last quarter. While prices rose 0.9% in New England, prices fell 4% in the Mountain division.
SOURCE: Federal Housing Finance Agency